Apple reported profit and revenue that beat market estimates for the second quarter, with demand for its flagship iPhone remaining extremely strong despite consumer inflation pressures.
In particular, the tech giant posted earnings of $1.2 per share, which, although down 8% year-on-year, beat analysts’ estimates of $1.16.
At the same time, Apple’s revenue rose 2% year-over-year to $83 billion, also beating estimates of $82.81 billion.
About half of its revenue came from the iPhone, which brought Apple $40.67 billion in the quarter, up 3 percent year-on-year, while significantly beating estimates for $38.33 billion.
Service revenue was up 12% to $19.6 billion, but slightly missed the $19.7 billion estimate.
Revenues from other products slowed, down 8% to 8.08 and significantly below the estimate for 8.86 billion.
Mac revenue was also hit, falling 10% year-on-year to $7.38 billion, while analysts were expecting an 8.7% decline.
In contrast, iPad revenue rose 2% to $7.22 billion, beating estimates of $6.94 billion.
Finally, Apple’s profit margin rose to 43.26% against a forecast of 42.61%.
In this climate, its title is strengthened by more than 3% in electronic transactions.
I am Derek Black, an author of World Stock Market. I have degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.